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Petra’s Sale of Koffiefontein Diamond Mine Approved
The mining company is set to hand over the South African diamond mine to an affiliate of Stargems Group by the month’s end.
Mining company Petra Diamonds Ltd. said it has received the necessary consent to complete the sale of Koffiefontein, the underground diamond mine in South Africa it has owned since 2007. (Photo courtesy of Petra Diamonds Ltd.)
London—Petra Diamonds Ltd. has received the governmental approval necessary to sell Koffiefontein, the diamond mine in South Africa it has been looking to offload since 2022.
Last week, the London-based mining company announced that it had been granted consent under section 11 of South Africa’s Mineral and Petroleum Resources Development Act to sell the mine to Koffiefontein Holdings (Pty) Ltd., an affiliate of the Stargems Group.
Section 11 dictates that the country’s minister of mineral resources and energy, currently Gwede Mantashe, must provide written consent for the transfer of mining rights.
Petra said it expects to close the transaction and undertake a “smooth handover” of the mine to Stargems before the end of the month.
The sale will save the company an estimated $15 million to $18 million in closure-related costs for the mine, it said.
Last week, the London-based mining company announced that it had been granted consent under section 11 of South Africa’s Mineral and Petroleum Resources Development Act to sell the mine to Koffiefontein Holdings (Pty) Ltd., an affiliate of the Stargems Group.
Section 11 dictates that the country’s minister of mineral resources and energy, currently Gwede Mantashe, must provide written consent for the transfer of mining rights.
Petra said it expects to close the transaction and undertake a “smooth handover” of the mine to Stargems before the end of the month.
The sale will save the company an estimated $15 million to $18 million in closure-related costs for the mine, it said.
“Since taking the difficult decision to put the Koffiefontein mine on care and maintenance and planning for closure of the mine, Petra has remained committed to exploring a responsible exit of the asset,” Petra CEO Richard Duffy said.
“The grant of the S11 consent by the Department of Mineral and Petroleum Resources (DMPR) will allow the Koffiefontein mine to continue with economic activity under new ownership. We believe this is the best possible outcome for all stakeholders involved and I would like to thank the DMPR for its ongoing support in the approval process.”
Mining at the site that is Koffiefontein began in 1887.
De Beers acquired the mine in 1911 and operated it off and on until 2006. Petra bought Koffiefontein in July 2007.
In addition to Koffiefontein, Petra owns and operates the Cullinan and Finsch mines in South Africa and the Williamson mine in Tanzania, which is known for its pink diamonds.
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